Private Market Ends November on a High Note

Weekly Recap

Crypto funding ended November on a high note, tripling last week’s funding total, rising to $301 million. This marks the second week out of the last three that saw over $300 million in total funding. Throughout November, crypto firms raised approximately $904 million, representing the highest monthly figure since April. Similarly, November saw 87 different deals, the highest count since May. It is encouraging to see private market activity increasing along with liquid asset prices.

Over two-thirds of this week’s total funding fell within the Infrastructure category, largely due to Wormhole’s $225 million round (DotW), valuing the cross-chain messaging protocol at $2.5 billion. Web3 & NFTs was the second most funded category at $29 million and was the most popular from a deal count perspective, representing about one-third of all deals. Mining notched its first deal since September as Jack Dorsey led a $6.2 million Seed round with a decentralized mining company, Ocean.

About half of this week’s rounds failed to disclose the deal stage, while the remaining deals were split between Seed (8) and Strategic (4) rounds. Of the disclosed investment amounts, $43 million was raised across the eight seed rounds and $3 million across the four strategic rounds.